Fundraising - JUNE 13, 2017

Starlight U.S. Multifamily receives commitment exceeding $56m

by Released

Starlight U.S. Multifamily Value-Add Fund has received expressions of interest and commitments that in the aggregate exceed $56 million and has filed with the securities commissions of all provinces in Canada, and obtained a receipt for, a final prospectus for an initial public offering of limited partnership units.

The final prospectus qualifies the distribution of a minimum of $56 million and a maximum of $112 million of class A units, class U units, class D units, class E units, class F units, class H units and/or class C units of the Fund at a price of C$10 ($7.6) per class A unit, class D unit, class F unit, class H unit and class C unit and $10.00 per class U unit and class E unit. It is expected that the offering will close on June 16, 2017.

The fund was established for the primary purpose of indirectly acquiring, owning and operating a portfolio primarily comprised of value-add, income-producing, multifamily properties that can achieve significant increases in rental rates as a result of undertaking high return, light value-add capital expenditures and active asset management, and are located in the States of Arizona, Colorado, Florida, Georgia, Nevada, North Carolina, Tennessee and Texas.

Shortly following completion of the offering, the fund intends to indirectly acquire two multifamily residential properties that comprise a total of 943 suites located in the States of Arizona and Texas in the markets of Phoenix and Austin, respectively. The balance of the net proceeds of the offering, if any, will be used to subsequently acquire one or more additional value-add income-producing, multifamily properties in the above-noted target markets within the United States, within nine months of the closing date of the offering, consistent with the primary purpose of the fund, and for working capital purposes.

Starlight Group Property Holdings is the promoter of the fund and will also act as manager of the fund.

The fund has received commitments from the principal of Starlight and certain other investors known to the principal of Starlight to subscribe for a minimum of C$15.2 million ($11.49 million) of class C units.

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